Stefan Dierkes

University of Göttingen

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Ulrich Schäfer

University of Vienna

Ralf Diedrich

Leipzig University

Johannes Sümpelmann

Otto Group (Germany)

David Siepelmeyer

Entwicklungszentrum für Schiffstechnik und Transportsysteme

Christian Perings

Katholisches Klinikum Lünen/Werne , St.-Marien-Hospital Lünen

M. Hennersdorf

SLK-Kliniken Heilbronn

Hans-Christian Gröger

University of Applied Sciences Erfurt

Evelyn Raths

Ernst & Young (United Kingdom)

Anton Repp

University of Göttingen

Christine Aichele

DIPF | Leibniz Institute for Research and Information in Education

Cooperative Institutions

Heinrich Heine University Düsseldorf

Düsseldorf University Hospital

University of Göttingen

Philipps University of Marburg

University of Duisburg-Essen

Hochschule Düsseldorf University of Applied Sciences

Evangelisches Krankenhaus Düsseldorf

RWTH Aachen University

Universitätsklinik Marien Hospital Herne

Essen University Hospital

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Unternehmensbewertung auf der Grundlage von Discounted Cash Flow (DCF)-Verfahren und des Economic Value Added (EVA)

Oldenbourg Wissenschaftsverlag eBooks (2004)

Stefan Dierkes Stephanie Hanrath

10.1515/9783486816488.500

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Citations (1)

ORGANIZATIONAL DESIGN OF RISK MANAGEMENT

International Journal of Strategic Management (2022)

Stefan Dierkes Marta Michaelis

ABSTRACT Risk management is obligatory for listed firms in many countries; its implementation is the responsibility of the boards of firms. The risk management structures can comprise board-level committees, as well as internal risk management systems and/or Chief Risk Officers. Hence, an important characteristic of the organizational design of risk management is the degree of centralization, which affects the firm’s profit and risk. Therefore, we distinguish between two extreme forms of risk management: centralized risk management with a risk manager at the board level and decentralized risk management with a risk manager at the business unit level. We analyze the effects of these organizational designs of risk management within the Linear Exponential Normal framework, with the quality of risk management depending directly on the effort of the risk manager. In either setting, risk aversion positively affects the risk manager’s incentives and efforts at a low risk-management effort cost. Regarding the firm’s expected profit, decentralization is always preferable to centralization. However, it only leads to lower risk for the firm if the risk-management effort cost is not too high. These results help assess alternative risk management designs, while explaining the empirically observed simultaneous use of different organizational structures for risk management. Keywords risk management; monitoring; incentives; delegation; organizational design

Delegation

Risk Aversion

IT risk

Risk management framework

10.18374/ijsm-22-1.4

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Citations (2)

Planung der Prozeßkosten im indirekten Leistungsbereich mit einer Prozeßkostenrechnung

Deutscher Universitätsverlag eBooks (1998)

Stefan Dierkes

Die Prozeßkostenrechnung wurde für die Anwendung im indirekten Leistungsbereich entwickelt.9 Dieses sind die Bereiche, welche nicht unmittelbar an der Fertigung der Erzeugnisse beteiligt sind. Zu diesen Bereichen gehören:

10.1007/978-3-663-08148-7_2

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Absatzpreisplanung bei Unsicherheit

WiSt - Wirtschaftswissenschaftliches Studium (2013)

Stefan Dierkes Evelyn Raths

Für den Erfolg in Studium und Beruf ist aktuelles und methodisches Wirtschaftswissen das A und O. Die Zeitschrift WiSt liefert dieses Wissen Monat für Monat. Hochaktuelle Wirtschaftsthemen werden vor dem Hintergrund der volks- und betriebswirtschaftlichen Modelle erörtert und diskutiert. So bleiben Sie up-to-date, kennen die brisanten Details und durchschauen schnell komplexe Wirtschaftsstrukturen.

10.15358/0340-1650_2013_2_104

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Valuation of firms with multiple business units

Journal of Business Economics (2020)

Stefan Dierkes Ulrich Schäfer

Abstract Corporate valuation often relies on the assumption of a constant and homogenous growth rate. However, large firms frequently (re)balance their activities by diverting cash flows from some business units to fund investments in other units. We develop a value driver model of terminal value for a firm with two units. The model relaxes common assumptions and allows for cross-unit differences in the return on invested capital. We consider intra-unit and cross-unit investments and show their implications for firm value and the long-term development of key accounting variables. Our results help characterize business unit strategies that can be reconciled with popular firm strategies such as the constant payout and constant growth strategies. We find that popular valuation methods that assume both constant payout ratios and constant growth rates (e.g., Gordon and Shapiro, Manage Sci 3:102–110, 1956) constitute a restrictive special case of our model and should only be applied to firms with homogenous business units. We use a simulation analysis to compare our results with alternative valuation models and to illustrate the economic relevance of our findings. The simulation shows that an accurate depiction of business unit strategy is particularly useful if firms plan large-scale cross-unit investments into business units with high returns and if the cost of capital is low.

Business valuation

Discounted cash flow

Strategic business unit

Terminal value

10.1007/s11573-020-01010-z

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Citations (4)

Goodwill-Impairment-Test nach IAS 36

Springer eBooks (2017)

Michael Borgmann Stefan Dierkes Josef Kloock

Goodwill

10.1007/978-3-658-16730-1_16

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Citations (1)

Valuation, Personal Taxes, and Dividend Policy Under Passive Debt Management

SSRN Electronic Journal (2019)

Stefan Dierkes Johannes Sümpelmann

We derive consistent valuation models in accordance with the flow to equity and adjusted present value approaches, which allow accounting for the firm’s dividend policy and passive debt management in light of differentiated personal taxes at the equity investor level. Specifi-cally, we establish appropriate adjustment formulas for the relationship between the firm’s unlevered and levered cost of equity, which are the basis for the unlevering and relevering of beta factors. Furthermore, using simulations, we show that dividend policy has a significantly positive effect on equity market value.

10.2139/ssrn.3314012

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Strategische Kontrolle als Element des Risikomanagements

Controlling & Management (2004)

Stefan Dierkes Elmar Gerum Murat Ayaz Nils Stieglitz

10.1007/bf03255767

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Citations (3)

Terminal Value for Firms with Multiple Business Units and Heterogeneous Return on Investment

SSRN Electronic Journal (2017)

Stefan Dierkes Ulrich Schäfer

Corporate valuation often relies on the assumption of a constant and homogenous growth rate. However, large firms frequently (re)balance their activities by diverting cash flows from some business units to fund investments in other units. We develop a value driver model of terminal value for a firm with two units. The model relaxes common assumptions and allows for cross-unit differences in the return on invested capital. We consider intra-unit and cross-unit investments and show their implications for firm value and the long-term development of key accounting variables. Our results help characterize business unit strategies that can be reconciled with popular firm strategies such as the constant payout and constant growth strategies. We find that popular valuation methods that assume both constant payout ratios and constant growth rates (e.g., Gordon and Shapiro 1956) constitute a restrictive special case of our model and should only be applied to firms with homogenous business units. We use a simulation analysis to compare our results with alternative valuation models and to illustrate the economic relevance of our findings. The simulation shows that an accurate depiction of business unit strategy is particularly useful if firms plan large-scale cross-unit investments into business units with high returns and if the cost of capital is low.

Investment

Value (mathematics)

10.2139/ssrn.3100058

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Das mehrperiodige LEN-Modell mit additiv separabler Nutzenfunktion

WiSt - Wirtschaftswissenschaftliches Studium (2008)

Stefan Dierkes Ulrich Schäfer

10.15358/0340-1650-2008-5-238

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Citations (1)